Narayana Murthy Sells 800000 INFY Shares, Will Setup VC Firm
Chief Mentor of IT giant Infosys, Narayan Murthy, has sold close to 0.13% of his stake in Infosys for Rs. 174.30 crore ( ~$37mn) to setup a venture capital fund. The VC firm will encourage and support young entrepreneurs having brilliant business ideas.
“Narayana Murthy has intimated the company that the proceeds of the sale will be used as seed capital for a proposed Venture Capital Fund to be set up by him in India,” Infosys said in a statement.
“The Venture Capital Fund will encourage and support young entrepreneurs having brilliant business ideas. The Fund will primarily invest in India and may on a case-to-case basis consider investing overseas,” it added.
The sale of shares was carried out on Wednesday and on Thursday on the exchanges. Post sale, Murthy holds 23.79 lakh equity shares or 0.41% stake in the company, the filing said.
If you ask me, in my opinion, this is a super cool initiative by NRN ( a man i have been a fan of since childhood). Exactly the kind of support and enthusiasm, startup ecosystem needs.
Via Livemint
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